C-Bond Systems Reports Highlights for Second Quarter 2024 with Revenue More Than Double that of Second Quarter 2023 and First Half 2024 Revenue Up 94% from First Half 2023
CEO Scott R. Silverman will discuss these results on a podcast, which will be posted on Wednesday, August 21st, on the Company’s YouTube channel
SAN ANTONIO, Aug. 20, 2024 (GLOBE NEWSWIRE) -- C-Bond Systems (the “Company” or “C-Bond”) (OTC: CBNT), a developer and marketer of glass strengthening solutions for enhanced safety, today announced financial results for the three months ended June 30, 2024, with quarterly revenue more than double that of second quarter of 2023, and first half 2024 revenue up almost 94% from the first half of 2023.
The Company’s CEO, Scott R. Silverman, will discuss these financial results on a podcast, which will be posted tomorrow on the Company’s YouTube channel at: https://www.youtube.com/@CBondSystemsInc.
Second Quarter and First Half 2024 Financial Highlights:
For the three months ended June 30, 2024, sales amounted to $863,533 as compared to $414,055 for the three months ended June 30, 2023, an increase of $449,478, or 108.6%.
For the six months ended June 30, 2024, sales amounted to $1,800,337 as compared to $929,275 for the six months ended June 30, 2023, an increase of $871,062, or 93.7%.
For the three months ended June 30, 2024, cost of sales amounted to $424,959 as compared to $209,071 for the three months ended June 30, 2023, an increase of $215,888, or 103.3%.
For the six months ended June 30, 2024, cost of sales amounted to $886,888 as compared to $454,431 for the six months ended June 30, 2023, an increase of $432,457, or 95.2%.
For the three months ended June 30, 2024, gross profit amounted to $438,574, or 50.8% of sales, as compared to $204,984, or 49.5% of sales, for the three months ended June 30, 2023, an increase of $233,590, or 114.0%. For the six months ended June 30, 2024, gross profit amounted to $913,449, or 50.7% of sales, as compared to $474,844, or 51.1% of sales, for the six months ended June 30, 2023, an increase of $438,605, or 92.4%.
For the three months ended June 30, 2024, operating expenses amounted to $630,935 as compared to $776,848 for the three months ended June 30, 2023, a decrease of $145,913, or 18.8%. For the six months ended June 30, 2024, operating expenses amounted to $1,747,329 as compared to $1,570,310 for the six months ended June 30, 2023, an increase of $177,019, or 11.3%.
During the three and six months ended June 30, 2023, the Company reported a gain on sale of its C-Bond nanoShield™ product line of $4,051,709.
Loss from operations was $192,361 for the three months ended June 30, 2024, compared to loss from operations of $571,864 for the three months ended June 30, 2023, a positive change of $379,503, not including the gain on sale of C-Bond nanoShield in 2023. Loss from operations was $833,880 for the six months ended June 30, 2024, compared to loss from operations of $1,095,466 for the six months ended June 30, 2023, a positive change of $261,586, not including the gain on sale of C-Bond nanoShield in 2023.
“Patriot Glass Solutions is continuing its growth trajectory as evidenced by our strong second quarter and first half of 2024 revenue,” stated Scott R. Silverman, Chairman and CEO of C-Bond. “We more than doubled revenue quarter over quarter and achieved almost the same performance when comparing the first half of this year with last year. With our current momentum and solid backlog, we believe we will easily surpass last year’s revenue and deliver a record year.”
C-Bond’s glass strengthening protective solutions, sold through its Patriot Glass Solutions subsidiary, including C-Bond Secure, an application to deter forced entry, and C-Bond BRS, a ballistic-resistant system, have been installed in more than 200 schools, government buildings, media sites, and other high-security facilities around the country. To see a demonstration of Patriot Glass Solutions’ security products, watch our video at: https://bit.ly/3l93oZV
The Company’s Form 10-Q for the second quarter of 2024 can be found in the Investors section its website or on the SEC’s website at www.sec.gov.
Forward-Looking Statements Statements in this press release about our future expectations including the likelihood that Patriot Glass Solutions is continuing its growth trajectory as evidenced by our strong second quarter and first half of 2024 revenue; the likelihood that with our current momentum and solid backlog, we believe we will easily surpass last year’s revenue and deliver a record year; constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. These risks and uncertainties include, without limitation, the Company’s ability to successfully commercialize its products; the Company’s and its customers’ ability to source materials; construction delays; film delays; the Company’s ability to raise capital; regulatory risks; as well as other risks. Additional information about these and other factors may be described in the Company’s filings with the Securities and Exchange Commission (“SEC”) including its Form 10-K filed on April 1, 2024, its Forms 10-Q filed on August 19, 2024, May 14, 2024, and November 14, 2023, and in future filings with the SEC. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.
CONTACT: Contact: Allison Tomek C-Bond Systems atomek@cbondsystems.com Contact: Cervitude Nicholas Coriano 203.685.0346
